Top Amazon Seller Cloudtail’s Net Profit Soars as Revenue Grows 46%
According to regulatory papers, Cloudtail India, one of the largest sellers on the Amazon India marketplace, saw a 45.7 percent increase in sales to Rs 16,639.04 crore in the fiscal year 2020-21, while profits more than quadrupled to Rs 182.70 crore. Cloudtail, a wholly-owned subsidiary of Prione Business Services, is one of Amazon.in’s most popular merchants.Amazon owns a 24 percent stake in Prione Business Services, which is a joint venture between NR Narayana Murthy’s Catamaran Ventures and Amazon. Amazon and NR Narayana Murthy’s Catamaran announced in August that they had mutually agreed not to continue their joint venture.
According to a Registrar of Companies document sourced by business intelligence firm Tofler, Cloudtail’s net profit increased by almost 170 percent to Rs 182.7 crore in fiscal year 2020-21, compared to Rs 67.54 crore in fiscal year 2019-20.The company’s income for the fiscal year 2019-20 was Rs 11,412.75 crore, according to the statement.
The filing stated, “Your organisation is focused on creating reputable and sustainable procedures with a continuing focus on offering excellent items to clients at cheap costs.” Cloudtail did not react to a request for comment sent via email.
According to the report, the company’s employee benefits expense jumped to Rs 192.87 crore in the fiscal year 2020-21 from Rs 163.95 crore the year before, while overall expenses increased by approximately 45 percent to Rs 16,395.03 crore in the fiscal year 2020-21 from Rs 11,313.02 crore the year before. Cloudtail is largely involved in the e-commerce marketplace trading of goods. The joint venture between Amazon and Catamaran, Prione Business Services, was founded in 2014 and was due for renewal on May 19, 2022. However, Amazon and Catamaran revealed in August that they had mutually chosen not to extend their joint venture past May 2022.
While the firms did not reveal the future roadmap, they did say that the JV has helped over 3 lakh retailers and entrepreneurs get online and 4 million merchants with digital payment capabilities, giving them access to millions of customers across the country.
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